Supreme Court takes up IRS collection notification issue

Must the IRS notify third parties when it summons bank records in an effort to collect a person’s unpaid taxes? Several circuit courts are divided over the issue and the U.S. Supreme Court has agreed to take it up. The Court will decide whether the IRS need only notify third parties if a delinquent taxpayer […]

IRS issues RMD reminder

The IRS is reminding those who were born in 1950 or earlier that they must soon begin taking required minimum distribution (RMDs) from their IRAs or other retirement plan accounts. Generally, RMDs are the minimum amounts that IRA and retirement plan account owners age 72 and older must annually withdraw from their accounts. Depending on […]

A reminder of the big one

New Madrid community stays prepared 211 years after earthquake sequence – KFVS https://bit.ly/3PGgWKn

Newlywed Checklist

Did you or someone you know get married in 2022? The IRS has provided a checklist to help newlyweds avoid mistakes that could cost them at tax time. How you file depends on your marital status on Dec. 31. The married-filing-jointly status is typically the most beneficial way for couples to file, but it’s a […]

Coaching salaries in the news

Should tax-exempt universities be allowed to pay athletic coaches multi-million-dollar salaries? That was the focus of an investigation led by Rep. Bill Pascrell (D-NJ), chair of the U.S. House Ways and Means Oversight Committee. With input from nine schools, a report was issued on Dec.1, 2022, in which Pascrell casts doubt on whether these salaries […]

Government shutdown avoided for another week

To avoid a government shutdown this Friday, Dec. 16, both houses of Congress voted on a one-week continuing resolution (CR) on Dec. 15. The CR will fund the government through Dec. 23. Passing it will allow House and Senate negotiators to continue to hash out the details of an omnibus spending bill. A “framework” for […]

Business Identity theft

The IRS is warning businesses that they’re prime targets for identity theft. How do you know if your company’s identity has been stolen? According to the IRS, you should investigate if you receive a: 1) rejection notice for an electronically filed tax return because a return is already on file, 2) notice about a return […]

CBO reports on recommended tax policy changes

New reports from the Congressional Budget Office (CBO) assert that legislators must make significant policy changes to put the federal budget on a sustainable long-term path. The CBO estimates that the federal deficit will average 5.1% of GDP per year between 2023 and 2032, compared with an annual average over the past 50 years of […]

Advisory Council releases Public Report for 2022

The Internal Revenue Service Advisory Council (IRSAC) has released its Public Report for 2022, which includes recommendations to the IRS related to new and continuing issues in tax administration. According to the IRSAC, the report “emphasizes the need for consistent and multiyear funding for the IRS to achieve its goals of providing efficient, effective and […]

Prepare for the coming filing season

It’s been said that a little preparation can go a long way. This certainly applies toward taxes, specifically, the upcoming 2023 tax filing season. As year-end nears, it’s a good time to round up your 2022 tax records. The IRS says that taxpayers who have all their tax documentation gathered and organized are in the […]